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Merchants Bank receives regulatory approval to purchase Associated Bank locations

Fri, Oct 18th, 2013
Posted in All Business Announcements

WINONA, Minn. – The Comptroller of the Currency (OCC) has approved Merchants Bank’s purchase of the Rushford and Lanesboro branch locations of Associated Bank, according to Merchants Financial Group Inc., President and CEO Richard L. Mahoney.

“We are looking forward to the opportunity to serve these important customers,” Mahoney said.

The sale includes about $47 million in deposit and loan relationships, as well as the physical locations of the banks in Rushford and Lanesboro. The approved sale also includes Ag loans and related deposits from Associated’s location in Red Wing. The sale is tentatively scheduled to be completed November 15, 2013. Terms of the sale have not been disclosed.

Merchants Bank has $1.3 billion in assets and 18 current locations, including Winona, St. Charles, Goodview, Onalaska, Rochester, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing and Hampton, as well as the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Rosemount and Lakeville. The “flagship” Merchants Bank in Winona was founded in 1875.

Merchants Bank is a member FDIC and equal housing lender. Merchants Capital, the company’s leasing arm, is based in the Twin Cities. The ownership of Merchants Financial Group is made up of its employees and approximately 400 shareholders, mostly individuals and families from southeastern Minnesota and west-central Wisconsin.

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